New Found Gold

New Found Gold operates in one of Canada's most favorable mining jurisdictions, with Newfoundland and Labrador consistently ranking as a top 10 mining jurisdiction globally according to the Fraser Institute's 2025 Annual Survey of Mining Companies. The province offers mining-supportive government policies, including a stated goal to develop five new mines by 2030, clear and timely permitting processes with positive recent precedents, a skilled workforce in a business-friendly jurisdiction, and established infrastructure including the Trans-Canada Highway, renewable power, Gander International Airport, and access to deep shipping ports.

The Queensway Gold Project presents a development opportunity with significant leverage to gold prices. The project's preliminary economic assessment completed in Q3 2025 demonstrates an after-tax net present value at a 5% discount rate of C$743 million with a 56% internal rate of return at base case gold pricing of US$2,500 per ounce, a payback period under two years, and life of mine production of 1.5 million ounces over 15 years at US$1,256 per ounce all-in sustaining costs. The project offers substantial gold price leverage, with after-tax NPV increasing by C$89 million for each US$100 increase in gold price, reaching C$1.45 billion with an IRR of 197% at an upside case of US$3,300 per ounce gold.

The Queensway project demonstrates significant exploration upside potential, with the initial mineral resource estimate sitting within less than 5% of the 110-kilometer strike extent of the two major fault structures. Numerous additional gold targets have been identified across the expansive property package, with regional grab sample results showing widespread high-grade mineralization throughout Queensway North and South sections. The underground potential at depth remains largely untested, with drilling confirming high-grade mineralization extending to over 1,000 meters depth in multiple zones including Keats, Lotto, Iceberg, and Dome.

New Found Gold is led by an experienced management team and board with proven track records in mine development and operations. Keith Boyle serves as Chief Executive Officer, while Melissa Render holds the position of President. Mr. Boyle is a Qualified Person under NI 43-101 and has reviewed and approved the scientific and technical information in the company's public disclosures. The board of directors includes Paul Andre Huet as Chair, Keith Boyle, along with independent directors Dr. Andrew Furey, Allen Palmiere, Chad Williams, William Hayden, and Tamara Brown.

The management team includes Hashim Ahmed as Chief Financial Officer, Robert Assabgui as Chief Operating Officer, Dr. Fiona Childe as VP Communications & Corporate Development, Jelena Novikov Fried as General Counsel & Corporate Secretary, and Dr. Jared Saunders as VP Sustainability. This team brings expertise across technical geology, mine operations, project finance, corporate development, and stakeholder engagement necessary to advance both the Hammerdown operation and Queensway development.

Since assuming leadership in 2025, the management team has demonstrated execution capability by advancing the Queensway project to completion of a preliminary economic assessment, successfully completing the strategic acquisition of Maritime Resources and the Hammerdown operation, achieving first gold pour at Hammerdown in November 2025, and engaging Cutfield Freeman & Co. as project finance advisor for Queensway development. The team's stated objective is to advance Queensway to cash flow, supported by the operational and financial foundation provided by Hammerdown.

New Found Gold's growth strategy centers on a dual-track approach: ramping up production at Hammerdown to generate near-term cash flow while advancing Queensway through permitting and construction toward production targeted for late 2027. At Hammerdown, the company is executing a ramp-up plan following first gold pour in November 2025. The fully permitted open pit mine and mill facility, rated for 1,300 tonnes per day nominal throughput, provides immediate operational leverage and is and is a strategic acquisition for the company with respect to both Hammerdown and Queensway Phase 1.

For Queensway, the company is pursuing a phased development approach designed to minimize upfront capital requirements and accelerate time to cash flow. Phase 1 involves initial capital of C$155 million to develop a 700 tonnes per day open pit mine with offsite toll milling, designed to build average annual gold production of 69,300 ounces over years 1-4 at a diluted grade of 9.64 g/t Au. Phase 2 expands to construction of an on-site 7,000 tonnes per day processing plant with growth capital of C$442 million, targeting average annual production of 172,200 ounces in years 5-9, while Phase 3 contemplates further growth capital of C$143 million to develop high-grade underground mining in years 6-10.

On the exploration front, New Found Gold maintains an aggressive drilling program to expand and upgrade resources at Queensway through infill drilling to upgrade mineral resources and add to initial reserve estimates, definition drilling in high-grade zones, and regional exploration focused on extending mineralization along the 110-kilometer strike length. Recent drilling results have demonstrated continuity and grade potential, with Iceberg excavation channel sampling returning results including 23.9 g/t Au over 15.12 meters and 47.4 g/t Au over 7.36 meters, while Keats excavation grade control drilling returned multiple high-grade intersections including 104.76 g/t Au over 10.20 meters, 159.92 g/t Au over 10.30 meters, and 219.01 g/t Au over 9.35 meters.

New Found Gold maintains a strong balance sheet with 342.3 million basic shares outstanding, 7.6 million options, 2.7 million RSUs, and 14.9 million warrants, for 367.6 million fully diluted shares as of December 31, 2025. The share price of C$4.06 results in a market capitalization of approximately C$1.4 billion, with cash and marketable securities of C$87 million as of September 30, 2025. The company does not currently generate revenue from operations, though the Hammerdown acquisition provides a path to near-term cash flow with capital expenditures for initial production in 2025-2026 estimated at C$15-20 million.

The Queensway preliminary economic assessment, which was completed prior to the company acquiring the fully permitted Pine Cove mill and tailings facility, outlines initial capital of C$155 million for Phase 1 toll milling operation, growth capital of C$442 million for Phase 2 on-site processing plant, and additional growth capital of C$143 million for Phase 3 underground mine development. Operating costs are estimated at C$4.31 per tonne moved with a strip ratio of 20.3 waste ore over life of mine, processing and milling storage costs at C$48.06 per tonne processed, and general and administrative costs at C$12.04 per tonne processed. Life of mine cash costs are estimated at US$897 per payable ounce of gold, with all-in sustaining costs at US$912 per payable ounce.

At base case gold pricing of US$2,500 per ounce, the project generates after-tax net present value of C$743 million at a 5% discount, an after-tax internal rate of return of 56%, and a payback period of under two years. The project economics demonstrate significant leverage to gold prices, with after-tax NPV reaching C$1.45 billion with IRR of 197% at US$3,300 per ounce gold, adding approximately C$89 million to after-tax NPV for each US$100 increase in gold price. The company has recently engaged Cutfield Freeman & Co. Ltd., a leading global mining finance firm, to act as its project finance advisor to develop and implement project finance strategies for the Queensway Gold Project.

New Found Gold Corp. presents an opportunity to gain exposure to a high-grade gold development project in a premier mining jurisdiction, combined with near-term production and cash flow from the Hammerdown operation. The Queensway Gold Project's preliminary economic assessment demonstrates robust economics with after-tax NPV of C$743 million and 56% IRR at base case assumptions of US$2,500 per ounce gold, significant leverage adding C$89 million NPV for each US$100 per ounce increase, and low initial capital intensity of C$155 million for Phase 1. The company's strategic acquisition of Maritime Resources provides operational experience, cash flow generation capability and ownership of fully permitted mill and tailings facilities in central Newfoundland.

The geological endowment at Queensway, with high-grade mineralization demonstrated across multiple zones over a 110-kilometer strike extent, offers substantial exploration upside beyond the current 1.5 million ounce resource base with less than 5% of the prospective strike length currently explored. The project's location in central Newfoundland provides access to established infrastructure, skilled labor, and a supportive regulatory framework that has consistently ranked among the world's top mining jurisdictions. Recent drilling results have confirmed grade continuity and underground potential, with multiple intersections exceeding 100 g/t Au over significant widths at the Keats zone and robust mineralization demonstrated at Iceberg, Lotto, and Dome zones.

The management team has demonstrated execution capability through completion of the preliminary economic assessment, successful Maritime acquisition and integration, ongoing production ramp-up at Hammerdown, and engagement of project finance advisors. For investors seeking exposure to high-grade gold development in a top-tier jurisdiction with near-term production and cash flow, New Found Gold warrants consideration as the company advances toward becoming a mid-tier gold producer. Key investment catalysts include Hammerdown production ramp-up and cash flow generation in 2026, Queensway permitting milestones and financing arrangements, resource expansion through ongoing drilling programs, and advancement toward Phase 1 construction targeted for late 2027.